The 26-year-old Colombia international is one of the most sought after strikers in world football, having scored 42 goals in 53 matches for Atletico Madrid following his big money transfer from Porto last summer.

A clinical and composed finisher, Falaco has long been linked with a move to England, with that talk intensifying in the last fortnight following his superb hat-trick against Chelsea in the Uefa Super Cup in Monaco.

Indeed, it’s thought that the Blues, along with Premier League champions City, have already made contact with Atletico to let their interest be known, but the Spanish club are refusing to sell.

However, according to Falcao’s father Radamel senior, his son is struggling to agree terms on a new contract at the Vicente Calderon Stadium, and is now likely to seek a transfer to England in the New Year.

‘I do not want to talk about contracts, moreover we don’t want to talk about money either,’ Falaco’s father told reporters.

‘Whether he moves to England in the next transfer window? Yes, that chance is very big.’

The news is set to spark a scramble for the player, widely regarded by many as the best natural goalscorer in the world outside of the elite two of Lionel Messi and Cristiano Ronaldo.

Chelsea are likely to look at bringing in another forward in January if Fernando Torres struggles in front of goal, while City boss Roberto Mancini wants an extra body in attack after failing to land Robin van Persie.

Falcao won’t come cheap though, as he boasts a buy-out clause currently set at £55 million.